Northbrook, IL 60062 -- (SBWIRE) -- 08/15/2023 -- According to MarketsandMarkets, the sensor fusion market is projected to grow from USD 8.0 billion in 2023 to USD 18.0 billion by 2028, registering a CAGR of 17.8% during the forecast period.
Growing demand for advanced driver assistance systems (ADAS) and deployment of autonomous vehicles, increasing demand for smart homes and buildings, growing trend of miniaturization in electronics, and increasing demand for integrated sensors in smartphones are expected to propel the market in the next five years. However, calibration across multiple sensors and security and safety concern are likely to pose challenges for the industry players.
The objective of the report is to define, describe, and forecast the sensor fusion market based on algorithms, offering, technology, end-use application, and region.
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Sensor Fusion Market: Key Trends
The prominent players in the market are InvenSense Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), and Bosch Sensortec GmbH (Germany), among others. These companies boast mixing trends with comprehensive product portfolio and strong geographic footprint.
Hardware offering to acquire significant share in sensor fusion market
The hardware offering is expected to hold the largest market share during the forecast period. The hardware segment comprises the physical components of sensor fusion systems, such as processors, communication modules, sensors, and microcontrollers. Development kits, evaluation boards, and reference designs are examples of hardware products. In addition, various product type has been taken into consideration such as inertial combo sensor, radar + image sensors+ lidar, environment sensors, IMU + GPS, and others.
Consumer electronics end-use application holds largest share in sensor fusion market in 2023
The consumer electronics segment accounted for the largest market share in 2023. The consumer electronics segment is an important market for sensor fusion. A wide range of consumer electronics devices use sensors, including smartphones, tablets, wearables, and gaming equipment. Sensor fusion technology is used in these devices to provide logically fused data from different sensors for various applications such as gesture recognition, image stabilization, navigation, and motion-based gaming.
Sensor fusion market to witness highest demand from Asia Pacific
The governments in the Asia Pacific are also playing a crucial role in promoting the growth of the sensor fusion market through various initiatives and policies. For instance, the government of China has set targets to become a world leader in autonomous driving. It is investing heavily in the development of advanced sensor technologies such as LiDAR and radar. Thus, the above factor is driving the market growth in the region.
Further, China held the largest share of the sensor fusion market in the Asia Pacific in 2023 and is projected to dominate both markets during the forecast period. China is witnessing rapid economic development. It has been focusing on shifting from a manufacturing-driven to an innovation-driven economy. China is a global manufacturing hub for industries for semiconductor and consumer electronic devices, which produce smartphones, smart TVs, and wearables.
Major vendors in the sensor fusion companies include include STMicroelectronics (Switzerland), InvenSense, Inc. (US), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (Germany), Bosch Sensortec GmbH (Germany), Analog Devices, Inc. (US), Renesas Electronics Corporation. (Japan), Amphenol Corporation (US), Texas Instruments (US), and Qualcomm Technologies, Inc. (US), among others.